Equity Loans

What is equity?

Firstly what is equity? Say your property has a value of 300k and you have a loan of $200k this would give you equity of $100k, this is the part that you own and would have if sold minus the expenses. To access this equity (available funds) you can either do a variation increase which is called an equity loan or refinance, contact us to find out the best way of doing this, we may be able to save you money at the same time.

What can I do once I have an increase of equity in my home?

If you have equity in your home you have access to cash for projects like investments, renovations, new car, holidays or even adding a swimming pool. If you are about to access the equity for a project it is a good time to get in touch with us as a Mortgage Adviser, we can possibly find you a cheaper rate or loan with better features, see our page on refinance. However it is not every time a refinance is called for, and we can still organize an increase of your home loan, otherwise known as an equity loan for you, providing it is accessible.

How do I know how much equity I have in my home?

To find out if there is equity in your home you can do your own research into comparable sales in your area. For a fee you can do a search on www.rpdata.com to see what price properties have sold for in your area, or visit a few open inspections. You may choose to have a couple of valuations done, Real Estate agents may try to over price to win your property for sale; the lenders may under value your home, its true value may be somewhere in the middle. In reality your home is worth what the market will pay for it. Once you have some figures we can determine how much equity you have in your home and provide you a complete assessment to what it may cost you, what your repayments will be and how much you will have in the way of funds.

Is it possible to increase home equity?

equity loan, access equity One way of increasing the equity you have, is by renovating and improving the value of your home, it is best to seek professional opinion as not all improvements will add value. You may just need to add a coat of paint and a major clean up, or it may take renovations. Equity existing in your home already, may be an easy way to raise the money to take this project on, contact us to find out if this is a feasible option. Adding extra to your repayments and paying your loan down is another way of increasing equity we can show you some painless ways of doing this. Our service is free we are paid by the lenders, we can do a free assessment of your current loan at the same time to see if we can save you some money.

Enquire how much you can access here!

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All information provided on the Alpha Mortgage Solutions website is intended as general information only and is not provided as professional advice. Alpha Mortgage Solutions does not warrant the accuracy or completeness of information nor accepts liability for any actions taken by you or any another party in connection with it.

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